Samsung will pump $920 million to upgrade a production factory in North Vietnam, as the South Korean giant bolsters its smartphone manufacturing capabilities.
The facility is based in the province of Thai Nguyen where components such as camera modules, circuit boards and camera lenses will see a ramp-up in production. Over half of Samsung smartphones are manufactured in Vietnam and exported to 128 locations globally.
The cash injection takes Samsung’s investment in the factory from $1.35 billion to $2.27 billion, the government said in a statement.
Vietnam has been a major destination for production since 2013 when the company invested $1.2 billion to formally open its intentions to operate. Since opening factories in 2015, the company generated over 6,580 jobs.
Samsung’s Vietnam division posted revenue growth of 14% to $74.2 billion last year despite Covid-19 restrictions. The company exported over $65.5 billion worth of products a figure that is up 16% from 2020.
Samsung invested $18 billion into the south-eastern Asian nation to date and has six factories spread across the provinces of Bac Ninh and Thai Nguyen, as well as Ho Chi Minh City.
